SoFi

If you’re interested in how to make extra income from home, today there are more opportunities than ever before. Some ways to earn extra income from home include side hustles, online businesses, and remote jobs. Finding the right money-making project for you just depends on your skills, experience, and interests.

We’re sharing some of the most popular ideas for how to bring in extra income from home in 2024 and beyond.

How to Make Extra Income From Home

There are a variety of ways to make extra income from home, many of which allow you to use the skills you already have. Others may require a little training or research to get started before you can begin earning supplemental income.

When comparing side hustles, business ideas, and work-from-home second jobs for extra income, consider:

•   How much time is required to make money

•   Typical earnings and how much you can expect to make

•   What, if anything, might be required to get started

Timing can also influence the types of ideas you explore for making extra income from home. For example, if you need to make a quick $1,000, then selling things around the house can put cash in your pocket faster than starting an online business. If you need a little help staying on top of your side-hustle earnings, a money tracker app like SoFi’s can help.

And remember, the benefits of a side hustle go beyond making extra income. Side gigs can be a creative outlet, source of fulfillment, or a stepping stone to a new career. With that in mind, here are 23 of the best extra income ideas from home.

1. Tutor

Tutoring can be a fulfilling way to make extra income from home for stay-at-home parents or students. There are numerous websites that connect tutors with students who need help with their school work. You can also offer tutoring to students locally in your home to make extra income.

2. Online Teacher

Teaching online is another popular work-from-home extra income idea. While tutoring may involve working with a single student one-on-one, you might teach multiple students online at the same time. For example, anyone can sign up to teach K-12 classes live via Zoom on Outschool.com. You don’t need a teaching degree or previous experience, though you will need to be able to pass a background check.

3. Course Creator

Course creation is one of the best passive income ideas for people who like teaching but don’t want to do it all the time. Platforms like Udemy, Skillshare, and Teachable allow you to create and upload virtual courses then sell them to people online. These types of platforms charge fees to host your course, but if you come up with a popular topic or idea, you can earn money from teaching online.

4. Sell Artwork and Designs Online

Selling artwork and designs can be a great way to earn residual income from home. For example, you can create unique designs and license them to a platform like Canva or Creative Fabrica. You earn money as people purchase licensing rights to use your designs.

Recommended: Should I Sell My House Now or Wait?

5. Online Bookkeeper

Bookkeeping is an in-demand skill, and if you’re experienced at tracking accounts and managing financial statements, this can be a reliable way to make extra income from home. It’s possible to find virtual bookkeeping jobs online with companies that are interested in outsourcing their bookkeeping and payroll.

6. Low-Content Book Publishing

Low-content books are books that have little to no content inside. Composition notebooks and blank journals are two prime examples of low-content books. If you have a knack for design, you can create low-content books and upload them to a self-publishing platform like Amazon Kindle Direct Publishing (KDP). Amazon lists your books for sale and handles the printing and shipping for you. Meanwhile, you earn royalties for each unit sold.

7. Affiliate Marketing

Affiliate marketing is another option for earning residual income or passive income from home. Affiliate marketing simply means recommending products or services and linking to a sales portal. If someone purchases the product or service through your link, you earn a commission. You can try affiliate marketing through a blog or social media channels such as Instagram or Twitter. Just keep in mind that the Federal Trade Commission (FTC) has specific disclosure rules influencers are required to follow.

8. Copywrite or Edit

Copywriting is another high-demand skill as companies and businesses are often willing to pay good money for website or marketing copy. Editing is also something you might consider doing to make extra income from home if you’re skilled at writing and have a good eye for detail.

9. Data Entry

Work-from-home extra-income jobs in data entry might appeal to you if you’re good at typing and you know your way around databases or spreadsheets. It’s possible to find remote data entry jobs by searching job boards like Indeed.com or FlexJobs.

10. Start a YouTube Channel

YouTube is one of the most visible social media platforms. You might consider starting your own channel as a way to make extra income without leaving the house. To get started, you’ll need a decent camera and a great idea for content, and you’ll need to meet YouTube’s minimum requirements to monetize your channel with ads. You can also make money with a YouTube channel by selling digital products, creating sponsored content, and affiliate marketing.

11. Freelance Your Skills

Freelancing can span a wide range of work from home jobs for extra income. For example, you might work as a freelance photographer, website developer, or project manager. The great thing about freelancing is that you can apply skills that you already possess to make money while potentially increasing your income even more by learning new skills along the way.

12. Sell Your Photos

If you’re great with a camera, selling your photography is another idea for how to make extra income from home. Sites like Shutterstock, Foap, and SmugMug allow amateur and professional photographers to list photos for sale and earn money by selling licensing rights. You can study a range of websites that sell pictures to get an idea of which subjects are most popular and in-demand.

Recommended: Does Net Worth Include Home Equity?

13. Print on Demand

Print-on-demand is a terrific way to make passive income from home. With print-on-demand, you create unique designs and upload them to a POD shop. When someone buys an item, such as a coffee mug or tote bag, the POD shop prints your design onto it and ships it out to the customer. If you’re looking for a place to get started with print on demand, Redbubble, Society6, and Printify are a few sites you might consider.

14. Online Transcription

Transcriptionists make money by transcribing digital files into written or typed documents. Online transcription jobs can be a good way to put your typing skills to use, and there are even remote work opportunities out there for beginners. You may need to purchase special transcription software to start this work-from-home idea, but with the right gigs, you can easily make a part-time income from home.

15. Get Paid to Proofread

Proofreaders review written documents for spelling errors, grammatical errors, and typos. The work that they do is similar to copyeditors though it’s more focused on finding flaws in the mechanics of a piece of writing, rather than issues with tone or flow. Remote-work job boards can be a good place to begin looking for proofreading jobs for beginners.

16. Virtual Assistant

Virtual assistants help business owners run their companies. You might do a variety of things as a VA, including managing email, setting appointments, keeping track of scheduling changes, posting social media content, or copywriting. This is another low-cost side hustle you can start from home as long as you have an internet connection and a laptop.

17. Start a Blog

Blogging is not necessarily a way to get rich quick, but it can be a way of making extra money from home. There are different ways blogs can earn money, including ads, affiliate marketing, sponsored posts, product sales, and services. If you’re interested in starting a blog, you might want to spend some time on YouTube checking out tutorials to see what you’ll need to get up and running.

18. Get Paid to Chat

Remote chat operator jobs and remote customer support jobs are a fun way to put your people skills to work while earning extra income from home. Plenty of companies hire people to handle customer support via live chat or by phone from the comfort of their own home. This can be a good flexible job option for a stay-at-home parent.

19. Pet Sit

Pet sitting might be a perfect way to earn extra income from home if you love cats or dogs. You can advertise your services locally as a pet-sitter or dog walker, and make money according to a schedule that works for you.

Recommended: What Credit Score is Needed to Buy a Car?

20. Earn Cash Back From Shopping Apps

Cash back apps pay you back a percentage of what you spend, either in cash or points that can be redeemed for cash or gift cards. For example, you might use a cash back app to earn 5% back when shopping for clothes at your favorite online retailer. Cash back apps are an easy way to make extra income from home doing things that you’re already spending time on.

21. Babysit in Your Home

In addition to pet-sitting, you might consider offering child care or senior care services in your home. If you’re planning to keep multiple children in your home, you’ll want to first check your state’s laws. Once you reach a certain number of children, you might be considered a daycare, which means you’ll need to get licensed and be regulated by the state.

22. Grow a Garden

Gardening can be a relaxing hobby, but it also has potential to be an excellent way to make extra income from home. You can sell the fruits and veggies that you grow at your local farmer’s market or to people in your neighborhood. Depending on where you live, you might even be able to branch out and raise chickens so you can sell fresh eggs for supplemental income.

23. Bake or Prep Meals

If you love to bake or are a pro at meal planning, you might be able to monetize those hobbies and skills to earn money at home. For example, you can sell your homemade baked goods at your local farmer’s market or craft fair, or to local restaurants. You can also sell readymade meals to busy parents and seniors who need a little help with cooking. Just be sure to check any regulations regarding home kitchens that might apply where you live.

Reporting Extra Income on Your Taxes

Finding ways to make extra income from home can offer some financial breathing room, but it’s important to consider the tax consequences. IRS rules require you to report side hustle income or money earned in the gig economy on your taxes, even if you make money at home. Generally, there are two rules to know about reporting extra income:

•   Form 1099 must be issued when gig earnings exceed $600.

•   Gig workers may be required to pay estimated quarterly taxes.

Unless you’re specifically hired as an employee of a company that you’re doing work for, then the IRS considers you to be an independent contractor. You’ll need to keep track of all your earnings throughout the year and make sure you’re reporting them accurately on your taxes when you file.

You’ll also want to include receipts for any expenses you might be able to deduct. For example, if you’re making extra income from home as a freelance writer and you need to buy a new laptop, you may be able to write that off as a business expense. Or you may be able to deduct home office expenses.

Downloading a free budget app can make it easier to keep track of your business or side gig expenses. If you’re unsure how to handle a tax return with extra income, you may want to talk to a tax professional.

The Takeaway

Making extra income is one of the main benefits of a side hustle, though you may also want to start a second job as a creative outlet. Today, there are many flexible work-from-home gigs for all sorts of skill sets and backgrounds. Some require training or certification, but many can be started with just a laptop and dream. Ideally, you can leverage a hobby or passion into a side job, such as meal-prep, pet-sitting, childcare, design and photography, and more.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

How can I make an extra $1,000 a month?

Some of the best ways to make an extra $1,000 a month are freelancing, blogging, monetizing a YouTube channel, and selling digital products. These are all extra income jobs that you can do entirely online. You may also be able to make an extra $1,000 a month by pet-sitting, making homemade baked goods, or selling things around the house you no longer need.

What can I do for an extra income?

There are lots of different ways to make extra income. You could start by increasing your hours at work if you get paid on an hourly basis. Or you might negotiate a pay raise at your current job. You can also get a second job, start a side hustle, get paid to do gig work, or start an online business.

What is a good side hustle?

The best side hustle for you is the one that works for your schedule and allows you to use the skills you have to make a good income. That said, good side hustle options include freelancing, editing and copywriting, blogging, and taking surveys online for cash or gift cards.

Photo credit: iStock/Alessandro Biascioli

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL-Q324-042

High school is a pivotal time for students, filled with academic and personal growth. Among the four years, one is often considered the most challenging: junior year.

Many students find junior year particularly tough due to increased academic demands, the pressure to score high on standardized tests, and the time needed to spend researching and applying to college.

Keep reading to learn more on why junior year is often considered the hardest year in high school.

Why Every Year Matters

While many say junior year is the hardest year of high school, that’s not an excuse to cruise through the other three years.

Freshman and sophomore year are building opportunities. In these two years, many students will take prerequisite courses and join extracurriculars they’ll carry out the rest of their high school career.

As a freshman, students will have to adjust to high school and its academic rigor. Getting good grades and getting involved in activities during the first two years of high school can help set the pattern for the next two years.

And, many students may claim that senior year is the time to sit back and take it easy. But, letting grades slide in senior year can spell trouble for plans post graduation. Admission to college, even if already granted, could be rescinded if a senior underperforms in their final year.

Recommended: 11 Ways to Prepare for High School Graduation

Why Junior Year Can Be the Most Challenging

A student’s junior year has its own set of unique challenges and hardships. Here’s what can make junior year tougher than the rest:

Course Load

Junior year is the time to shine before students apply to college. It’s the last full academic year of grades a university will receive before deciding to accept or reject a student. Students may elect to take their most challenging course load during their junior year to show colleges that they’re capable of academic rigor.

Some students may be enrolled in advanced placement (AP) courses. AP classes give high school students the chance to prepare for college by tackling college-level material while still in high school. At the end of an AP course, students can choose to take the AP exams. Scores from those tests may grant students college credits so they can skip out of basic courses in their first years on campus.

Junior year can be an academic step-up for high school students if they decide to take advanced classes. In addition to harder classes, there’s a pressure to get good grades in them because it can be an indicator of performance for colleges.

Tests

On top of AP tests, juniors have more key tests to prepare for. Each test comes with its own strategies and approaches, meaning specialized study and prep. A junior might prepare for and take these tests during the year:

AP Tests: As mentioned above, if a student decides to take an AP course, they can choose to take the corresponding AP test, as well.

PSAT/NMSQT: Students can take the Preliminary SAT or National Merit Scholarship Qualifying Test as early as their sophomore year of school, but many take it their junior year. The PSAT/NMSQT has two sections; math, and reading/writing. Scores for each section fall between 160 and 760.

Offered in October each year, the PSAT doesn’t impact college admissions like the SAT, but it can help students qualify for National Merit Scholarships if they receive a certain score. Students are not required to take the PSAT test, but it can be one way to prepare for the SATs and potentially qualify for scholarships.

SAT/ACT: Scores from either the SAT or ACT test are required by many colleges for admission. But, even if they’re not required by a college, a strong SAT or ACT score can help give a student a leg up in the application process.

Most high school students choose to take the SAT or ACT tests in the spring of their junior year or the fall of senior year. Both tests have certain quirks and strategies associated with them, so the key to getting a great score may mean months of preparation.

College prep

Juniors not only have more academic pressure on them and tests to prepare for, but many will add college prep to their extracurriculars. Whether that means spending weekends touring campuses or researching schools at night, finding a school that’s the right fit can take up a considerable amount of time.

There’s no one way to ensure the right fit for all students. Some may choose a campus based on their desired degree, whereas others choose a campus for proximity to home or budget. No matter the motivator, finding the right school can take time.

Recommended: Ca$h Course: A Student’s Guide to Money

The Takeaway

Junior year challenges students to juggle their extracurricular activities, rigorous academic classes, and standardized testing on top of applying for college. Figuring out a way to pay for college shouldn’t be another challenge. As early as junior year, students can start considering the cost of college and the ways to pay for it.

Taking time to learn about student loans during college prep can help give juniors a better sense of what lies ahead of them. After applying for federal loans and aid, they might need to evaluate additional options to pay for their tuition. That could mean saving for college by picking up a part-time or summer job or researching scholarships or grants that can help pay tuition. It’s important a student knows their full menu of options to pay for school before committing to any single strategy.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What is the most crucial year in high school?

Junior year (11th grade) is often considered the most crucial year in high school. It’s when students take standardized tests, maintain grades for college applications, and start researching and visiting colleges. Strong academic performance during this year significantly impacts college admissions decisions.

Why is junior year the hardest year in high school?

Junior year is often the hardest in high school due to increased academic demands, including advanced courses and standardized testing like the SAT or ACT. Students face pressure to maintain high grades for college applications while balancing extracurricular activities, leadership roles, and planning for their future.

What is the easiest year in high school?

Freshman year is generally considered the easiest year in high school because students are adjusting to the new environment and typically take introductory-level courses. The academic and extracurricular pressures are usually lighter compared to later years, allowing students to gradually acclimate to the increased expectations of high school life.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOISL-Q324-041

Stocks are shares of ownership in a company. To start investing in stocks, you would find a company that you believe may grow or appreciate in value over time, then purchase its stock through a brokerage account. If the stock price rises, you could sell your shares and potentially make a profit — or suffer a loss, if share prices decline.

Of course, when it comes to investing in stocks as a beginner, you’ll want to learn the basics so that you’re confident and comfortable with the decisions you make. Here is a step-by-step guide for those who want to start investing in stocks now.

How to Start Investing in Stocks: 5 Steps

It’s not terribly difficult to start investing in stocks or other securities. But it may be a good idea to sit down and think through your approach, strategy, goals, and more, before actually throwing some money into the markets. Here is a broad, basic rundown of how to start investing in stocks:

▶️ Watch the video: How to Trade Stocks

1. Determine Your Investing Approach

As noted, before you get started investing in stocks, you need to determine your investing approach. Because every person has unique financial goals and risk tolerances, there is no one-size-fits-all strategy to begin investing in the stock market.

Most people will need to decide whether they want a hands-on approach to investing or whether they’d like to outsource their wealth building to some sort of financial professional, or service.

Additionally, investors need to consider their time horizons before investing in stocks. Some investors want to invest long-term — buying and holding assets to build wealth for retirement. In contrast, other investors are more interested in short-term trading, buying and selling stocks daily or weekly to try and make a quick profit. The type of investor you want to be will help determine what kind of stocks you should buy and your investing approach.

2. Decide How Much You Want to Invest in Stocks

How much you invest will likely depend on your budget and financial goals. You may decide to invest with whatever you can comfortably afford, even if that doesn’t amount to much.

Fortunately, it’s fairly easy to start investing even with relatively little money. Many brokerage firms offer low or no trading fees or commissions, so you can make stock trades without worrying about investment fees eating into the money you decide to invest.

Additionally, many brokerage firms offer fractional share investing, which allows investors to buy smaller amounts of a stock they like. Instead of purchasing one stock at the value for which the stock is currently trading — which could be $1,000 or more — fractional share investing makes it possible to buy a portion of one stock. Investors can utilize fractional investing to use whatever dollar amount they have available to purchase stocks.

For example, if you only have $50 available to invest and want to buy stock XYZ trading at $500 per share, fractional share investing allows you to buy 10% of XYZ for $50.

3. Open an Investment Account

Once you’ve determined your investing approach and how much money you can invest, you’ll need to open a brokerage account to buy and sell stocks and other securities.

Several investment accounts might make sense for you, depending on your comfort level in managing your investments and your long-term financial goals. But in a general sense, there are a few options for investors: Full-service brokerages, online brokerages, and robo-advisors. But you can also invest using a retirement account, too.

Full-service brokerages

Many investors may use traditional brokerage firms, also known as full-service brokerages, to buy and sell stocks and other securities. A full-service brokerage offers additional services beyond just buying and selling stocks, such as investment advice, wealth management, and estate planning. Typically, full-service brokerages provide these services at high overall costs, while discount and online brokerages maintain scaled-down services with lower overall costs.

A full-service brokerage account may not be the best option for investors just getting started investing in stocks. These firms often require substantial account minimum balances to open an account. This option may be out of reach for most in the early stages of their investing journey.

Online brokerage

An online brokerage account may be ideal for most beginning investors looking to have a hands-on approach to trading stocks and building a financial portfolio. Many online brokers offer services with the convenience of an app, which can make investing more streamlined. If you feel confident or curious about how to start investing at a lower cost than a full-service brokerage firm, opening an account with an online broker could be a great place to start.

Robo-advisor

If you’re interested in investing but want some help setting up a basic portfolio, opening an investment account with a robo-advisor might be best for you. A robo-advisor uses a sophisticated computer algorithm to help you pick and manage investments. These automated accounts generally don’t offer individual stocks; instead, they build a portfolio with a mix of exchange-traded funds (ETFs). Nonetheless, it’s a way to become more familiar with investing.

Retirement option: 401(k) and IRAs

Retirement accounts like employer-sponsored 401(k)s or individual retirement accounts (IRAs) are tax-advantaged investment accounts that can be great for the beginning investor trying to build a retirement nest egg. These accounts offer investors a range of investment choices, including individual stocks. You may also have access to tutorials, advisors, or other resources to help you learn how to start investing in these accounts.

💡 Ready to start retirement investing? Consider opening an IRA online.

4. Choose Your Stocks

Deciding what individual stocks to invest in can be challenging for most investors. There are countless ways to evaluate stocks before you buy.

Before choosing your stocks, you generally want to do some homework into a company’s inner workings to understand the company’s overall valuation and the stock’s share price.

As a beginning investor, you want to get comfortable reading a company’s balance sheet and other financial statements. All publicly-traded companies must file this information with the Securities and Exchange Commission (SEC), so it shouldn’t be difficult to track those statements and filings down.

One of the most fundamental metrics for understanding a stock’s value compared to company profits is its price-to-earnings (PE) ratio. Others include the price-to-sales (PS) ratio and the price/earnings-to-growth (PEG) ratio, which may be helpful for companies that have little to no profits but are expanding their businesses quickly.

These metrics, and other financial ratios, may help you determine what stocks to buy. And the advantage of owning individual stocks is that you can get direct exposure to a company you believe has the potential to grow based on your research. The downside, of course, is that investing doesn’t come with guarantees, and your stock’s value could decline.

💡 Recommended: 7 Technical Indicators for Stock Trading

5. Continue Building Your Portfolio

After you’ve decided what stocks to invest in, you generally want to continue building a portfolio that will help you meet your financial goals.

One way to bolster your portfolio is by buying mutual funds and ETFs, rather than individual stocks. A potential benefit to investing in funds that hold stocks is that you may avoid some of the risks of being invested in individual stocks that may not perform well.

Whether investing in individual stocks or funds, you may want to consider the level of diversification in your portfolio that feels right for you. There is no consensus about the right way to diversify investments. For one person, ideal diversification could mean owning 20 stocks in different industries. For another, it could mean owning the “whole” market via a handful of mutual funds.

Once you get more comfortable investing in stocks and funds, you may employ other investing strategies. 

Stock Tips for Beginners

As you wade into the markets, it can be a good idea to keep a few things in mind.

•   Consider Your Approach Carefully: As mentioned, some investors like to have a hands-on approach to investing (active), while others prefer a more passive approach. Active investors want to make decisions on their own, picking what stocks are right for them and building a portfolio from the ground up. This self-managed strategy can be time-consuming but an excellent option for investors who have a general understanding of the markets or would like to learn more about them. Take some time to think about the pros and cons of each approach.

•   Think About Asset Allocation: Asset allocation involves spreading your money across different types of investments, like stock, bonds, and cash, in order to balance risk and reward. Determining a portfolio’s asset allocation can vary from person to person, based on financial goals and risk tolerance.

•   Compare Account Costs and Features: No matter where you decide to open your investment account, be sure to research and compare costs and features within the account. For example, many brokerage accounts charge investment fees and commissions for making trades, while some do not, though other fees may apply. You should check with your brokerage’s fee schedule to get a good idea of what costs may be applicable.

The Takeaway

Historically, investing in the stock market has been a way for some individuals to build personal wealth. These days, it’s never been easier for new investors considering getting into stocks to start. Whether you choose to work with a financial advisor or use an online broker or app, there are several ways to find a method that makes stock investing approachable, fun, and potentially profitable. 

Of course, there are no guarantees, so it’s wise to take a step-by-step approach, start small if you prefer, do some research using the many resources available, and see what comes as you gain experience and confidence.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

FAQ

Do you need a lot of money to start investing in stocks?

You don’t need a lot of money to start investing in stocks. Many brokerages allow investors to start investing with relatively little money, and many also offer fractional investing features and options.

Are there fees when investing in stocks?

There may be fees involved with investing in stocks, such as commissions or trading fees. Whether an investor is charged a fee will ultimately come down to the specific brokerage or platform they’re using to invest.

Is stock trading good for a beginner?

Stock trading, or day-trading, is generally for more advanced investors. But stock trading over longer periods of time may be good for investors to learn to get a hang of the markets. Beginners who are interested in stock trading may want to consult with a financial professional to get a better idea of a suitable trading strategy.

Should beginner investors buy individual stocks or stock funds?

Many financial professionals would likely recommend that beginner investors buy funds rather than individual stocks, as they offer some built-in diversification, in many cases. That said, what an investor ultimately decides to do should be dictated by their overall strategy and goals.

Is stock investing safe for beginners?

Stock investing is not necessarily safe for beginners or veteran investors. Investing has its risks, and there are investment types with different levels of risk that investors should familiarize themselves with.

Photo credit: iStock/

SoFi Invest®